Tough question. If the Big 3 (well, not so big anymore) fail, the ripple effect of potential job losses would be staggering. They directly employ 250,000, then some 3 million are either in the supply chain or the distribution network. Scary of course, but it doesn’t mean all would be without a job forever. I agree dumping money in that black hole is a waste, something in the U.S. car industry is rotten after years of mismanagement, shoddy products, bad strategies for R&D and new models. Again, the “free market”, where GM Chief Wagoner gets rewarded US$ 14.4 million in 2007 for taking all the wrong decisions. Hello? The same inept management style like in the financial sector. Bailout for those? Kidding, right? Best is to let them go into bankruptcy, restructure, eliminate the sick companies. And ask Rick Wagoner to step down, and to return all his income of the past years (they call that “claw-backs”), and maybe let Steve Jobs take over to streamline the companies. So they make better cars than those gas guzzlers that shout for more oil drilling in the wrong places. iCar anybody? Made in China? OK, maybe not yet…
General Motors just announced that it is ending its sponsorship deal with the world’s most recognisable athlete, Tiger Woods. Maybe Tiger can explore a deal with a Chinese car company. He’ll get (fake) golf clubs extra, free of charge.